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Africa advances toward financial integration with new currency exchange marketplace{Business Africa}

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Africa is making a significant stride toward financial integration with the launch of the Africa Currency Marketplace by the Pan-African Payment and Settlement System (PAPSS). This innovative platform is set to facilitate direct currency exchanges across the continent, reducing reliance on the US dollar and fostering a unified African capital market.

In an exclusive discussion on this development, Stan Zézé, CEO & Chairman of Bloomfield Investment, shared insights into the impact of this initiative on Africa’s financial landscape.

Zézé highlighted how the Africa Currency Marketplace could enhance liquidity and stabilize currencies within African markets. He also addressed the challenges associated with implementing such a system, citing the need for robust financial infrastructure and regulatory alignment among participating nations.

The initiative could also serve as a catalyst for the establishment of a unified African capital market. Zézé emphasized the crucial role of private rating agencies, such as Bloomfield, in providing credible assessments of financial risks and ensuring investor confidence. He argued that independent agencies offer unbiased ratings, contrasting with the African Union’s proposal for a publicly controlled agency, which might raise concerns over impartiality.

Zimbabwean Inventor Unveils Self-Powering Car

In what could be a revolutionary breakthrough in renewable energy, a Zimbabwean inventor claims to have developed a vehicle that generates its own electricity, eliminating the need for fuel or external charging. The technology reportedly harnesses the sun’s radio waves to produce power, a concept reminiscent of Nikola Tesla’s early vision.

While full technical details are yet to be disclosed, the invention has sparked excitement and curiosity in the scientific community. If proven viable, this innovation could significantly advance sustainable energy solutions, particularly in regions struggling with power shortages. Keith Baptist reports on the development, with experts calling for further research and investment to validate and potentially scale this technology.

Nigerians Spend 59% of Income on Food Amid Cost-of-Living Crisis

A new report by Picodi reveals that Nigerians are spending a staggering 59% of their household income on food, highlighting the country’s deepening economic crisis. Rising inflation, currency devaluation, and supply chain disruptions have contributed to soaring food prices, placing a heavy financial burden on citizens.

Economic analysts stress that addressing insecurity and supporting local farmers are key measures to reducing food costs. Many farmers face challenges such as banditry, poor infrastructure, and limited access to credit, all of which hinder production and distribution. Experts urge the Nigerian government to implement policies that promote agricultural investment and stabilize the nation’s economy.

As the crisis persists, many Nigerians are forced to make difficult financial choices, underscoring the urgent need for sustainable solutions to improve food security and overall economic stability.



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Africa

Trump, Saudi crown prince sign a host of agreements

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U.S. President Donald Trump signed a host of economic and bilateral cooperation agreements in Saudi Arabia on Tuesday as he kicked off a four-day Middle East trip with a focus on dealmaking with a key Mideast ally while shared concerns about Iran’s nuclear program and the war in Gaza dragged on in the background.

Crown Prince Mohammed bin Salman, the Saudi de facto ruler, warmly greeted Trump as he stepped off Air Force One at King Khalid International Airport in the Saudi capital. The two leaders then retreated to a grand hall at the Riyadh airport, where Trump and his aides were served traditional Arabic coffee by waiting attendants wearing ceremonial gun belts.

“I really believe we like each other a lot,” Trump said later during a brief appearance with the crown prince at the start of a bilateral meeting.

They later signed more than a dozen agreements to increase cooperation between their governments’ militaries, justice departments and cultural institutions. Additional economic agreements were expected to be inked later Tuesday at a U.S.-Saudi investment conference convened for the occasion.

Prince Mohammed has already committed to some $600 billion in new Saudi investment in the U.S., but Trump teased $1 trillion would be even better.



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Mercury in Senegal mines endangers families

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The quickest way to separate gold from rock, Sadio Camara says, is with a drop of mercury. In Senegal’s Kedougou Region, far from the capital Dakar and near the borders with Guinea and Mali, she and dozens of other women spent the day washing piles of sediment in search of gold. In front of her house a short walk away, she emptied a dime-sized packet of the silvery liquid into a plastic bucket of that sediment.

With bare hands and no mask, she swirls the mixture as her children watch. “I know it’s dangerous, because when we go to exchange the gold and they heat it again, those guys wear masks to avoid the smoke,” she says. But she says since she only processes a little gold at a time, she believes she is safe. But even small-scale exposure can carry serious risks.

Across West Africa, mercury — a potent neurotoxin — remains the dominant method for extracting gold from ore in the region’s booming informal mining sector, much of it illegal and unregulated. In Senegal’s gold-rich Kedougou region, women like Camara use the metal regularly, often without protective gloves and masks, to make a living. Mercury exposure can cause irreversible brain damage, developmental delays, tremors, and loss of vision, hearing and coordination.

Once released, it spreads easily through air, water and soil. Particularly after heavy rains, it contaminates rivers, poisons fish and accumulates up the food chain. “We are doing this because of ignorance and lack of means,” Camara says as her son played at her feet in the courtyard of her family’s home. “If the government know what is good for us, come and show us.” In artisanal mining, mercury is prized for its ability to bind quickly and easily to gold. Inside her kitchen hut not far from the stream, Camara heats a nugget of mercury-laced sediment with a metal spoon over an open flame. The toxic metal evaporates and leaves behind a kernel of gold.

There’s no mask, no gloves – just the raw materials and her bare hands. Her children stand just a few feet away, watching and breathing the fumes. The process is cheap, effective and dangerous. Camara said she doesn’t usually handle the burning herself – that task is typically left to men. But she and other women regularly mix and shape the mercury amalgam with no protection. “If you stabbed yourself with a knife it wounds you, if mercury did the same, people wouldn’t touch it. But with mercury you can go years without feeling the effects.

The consequences come later,” says Doudou Dramé, president of an organization that advocates for safer conditions for gold miners in Kedougou. Women are also particularly vulnerable, says Modou Goumbala, the monitoring and evaluation manager at La Lumiere, an NGO that supports community development in southeastern Senegal. He says the mercury being used to separate the gold from the earth ends up in the region’s waterways, which women interact with a lot more than men in Senegalese society. “Women do the laundry with water, women do the dishes. Women wash the children. And women often use the waterways for this, not having sources of safe drinking water,” he says. That exposure can be especially dangerous for pregnant and nursing women. Mercury can cross the placenta, putting fetuses at risk of developmental delays and birth defects. Infants may also absorb the toxin through contaminated breast milk.

Gold can be extracted from earth without using mercury, using gravity separation, often achieved with machines like shaking tables. In 2020, the Senegalese government promised to build 400 mercury-free gold processing units, but so far only one has been constructed. During a recent visit, the rusting slab of metal sat unused beneath a corrugated roof. The machine is in Bantaco, 15 miles from Camara’s home, and it isn’t practical for most miners to use because of the logistical challenge of transporting ore there and back to where they are from. Goumbala says one machine per village would come closer to solving the problem.

Jen Marraccino is the senior development director at Pure Earth, an NGO that works to fight against mercury and lead poisoning, particularly in artisanal small-scale gold mining. She says that gravitational separation is a technology that can provide miners a way to get gold without endangering their health. “The more that this type of work happens in a particular region, the costs then go down for these technologies such as shaking tables. Building the supply chains to the international market, the costs go down. So, solutions can build and grow within a region,” she says.

AP’s repeated efforts to schedule an interview with Senegal’s director of artisanal and small-scale mining were unsuccessful. The director later said the department had been suspended. He did not provide a reason.



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WTO Chief urges cooperation in Japan trade talks

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Director General of World Trade Organization Ngozi Okonjo-Iweala met with the Japanese Prime Minister Tuesday during her three-day trip to Japan. “Trade is facing very challenging times right now and it is quite difficult,” she said during the meeting in Tokyo.

The United States and China agreed to roll back most of the tariffs each nation had imposed on the other and declared a 90-day truce in their trade war. U.S. President Donald Trump’s administration said it would reduce the 145% duties it had imposed on imports from China to 30%, while China said it would cut its 125% tariffs on U.S. goods to 10%. Some of the U.S. tariffs — 24 percentage points — will be delayed for 90 days, while the rest of have been removed. “I also feel that there are many important opportunities in trade that we need to look forward to.

And we should try to use this crisis as an opportunity to solve the challenges we have and take advantage of the new trends in trade,” Okonjo-Iweala added. Okonjo-Iweala is also expected to meet Japan’s Foreign Minister, Finance Minister and Economy, Trade and Industry Minister.



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